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National Debt Up $3 Trillion on Obama's Watch

New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.

Re: National Debt Up $3 Trillion on Obama's Watch

Let the excuses begin!
Really - at what point will liberals hold The Obama responsible for this?

I'm happy to see you're not expecting any kind of reasonable well thought out Liberal response based on reality, facts, or the truth, because that would make you a pie in the sky dreamer.

We know that Democrats have had control over House and thus spending since 2006 and they were the ones who have been wasting money faster than at any time in human history and having the least to show for it.

Re: National Debt Up $3 Trillion on Obama's Watch

Ya spending has gone out of control, all thanks to Obama, Bush, and Congress in all those years. Now if we could swallow that fact we'd realize that some kind of taxation is going to have be added or created to eventually solve this problem unless we want to rapidly and radically redesign the gov't which I believe would have huge social ratifications and would be more damaging in the long run and not to mention much harder to pull off. And its a "solution" that no one has really explored.

Re: National Debt Up $3 Trillion on Obama's Watch

Originally Posted by Wiseone

Ya spending has gone out of control, all thanks to Obama, Bush, and Congress in all those years. Now if we could swallow that fact we'd realize that some kind of taxation is going to have be added or created to eventually solve this problem unless we want to rapidly and radically redesign the gov't which I believe would have huge social ratifications and would be more damaging in the long run and not to mention much harder to pull off. And its a "solution" that no one has really explored.

So, we need to raise taxes significantly because cutting spending would be too hard?

The spending is why we are here. Cutting it is the only way to chnage things.

Re: National Debt Up $3 Trillion on Obama's Watch

Originally Posted by Goobieman

So, we need to raise taxes significantly because cutting spending would be too hard?

The spending is why we are here. Cutting it is the only way to chnage things.

No spending more than we have in income is why we are here, and more specifically spending more than our economy is designed to allowed to be taxed. Since we have a capitalist society it wouldn't work properly, without massive change that would remove its identity, if we say taxed 50% of everything and had spending to match. We don't disagree on those two I'm sure. However I think we can raise taxes in the short term to handle the deficit over a long period of time, I don't think the gov't can cut enough to continue the programs and level of spending people would expect without raising taxes.

Although I know you don't personally feel this way, but a huge portion of the country wants the government to do things that you don't think should exist at all. A huge portion want, medicare, social security, unemployment benefits, and all sorts of government programs. Now I believe that their views are just as valid as yours, so some kind of compromise has to be reached.

Anyway I don't want to talk too long BUT I think we need a combination of increased taxes, at least in the short term, and a serious reduction in spending. And I think for a real and practical solution that the majority will accept there has to be cuts to programs that any individual could pick among them some he thinks need more funding and some he thinks need far less.

Re: National Debt Up $3 Trillion on Obama's Watch

Originally Posted by pbrauer

Much of debt is Bush's fault. Huge tax breaks, two wars, Medicare Part "D" to name a few.

Originally Posted by Goobieman

Let the excuses begin!

Well technically as your article says, Bush and the Republican Party in congress, till 2006, has increased the debt more than Obama, in terms of real numbers. However whats different is the rate of that increase, which Obama clearly is the faster of the two.